Common use of THE FACILITIES AGREEMENT Clause in Contracts

THE FACILITIES AGREEMENT. The Administrative Agent agrees that the Operative Documents may be filed and recorded in the manner and at the time described in the Facilities Agreement and the Operative Documents. The FF&E Agent covenants and agrees that the Liens and other security interests to be created and perfected by the documents evidencing and securing the Term Loan Facility and the filing and recording thereof (if required) are to cover only the Equipment leased under and described on the Equipment Schedules and the Gaming Equipment described on the Collateral Schedules. The FF&E Agent, on behalf of GE Capital and the Participants, does not have and shall not claim a Lien or other security interest in or with respect to the collateral described in the Loan Documents covered by the Liens and security interests created thereby. In no event whatsoever do the Liens and other security interests to be created and perfected by the documents evidencing and securing the Facilities attach to any revenues generated by the Aladdin Hotel and Casino, the Gaming Equipment described on the Collateral Schedules or the Equipment leased under and described on the Equipment Schedules (other than proceeds from the disposition of the such Gaming Equipment or Equipment in accordance with the documents evidencing and securing the Facilities). Notwithstanding anything to the contrary in the Senior Credit Agreement, the Loan Documents, the Facilities Agreement or the Operative Documents, in no event is there any intention on the part of the Administrative Agent and the FF&E Agent to share any collateral or security for their respective facilities.